Moinian Group Secures $105M Refi for Manhattan Property
The new financing, which will be used to replace the existing construction loan debt, was issued by Bank of China.
Oskar. Image Courtesy of The Moinian Group
The Moinian Group has secured a $105 million loan to refinance Oskar, its luxury residential building in Manhattan. The firm completed the construction of the property in 2019 under a loan of $103 million issued by U.S. Bank, according to Yardi Matrix.
The new loan, which will be used to replace the existing construction loan debt, will be issued by Bank of China at a fixed rate of 2.8 percent for a 10-year period.
Oskar is located at 572 11th Ave. in the Hell’s Kitchen neighborhood. The building comprises 183,000 square feet consisting of 164 units and a full block of retail occupied by Starbucks and The Learning Experience.
The community includes a fitness center, business center, clubhouse, basketball court, lobby complete with sky-lit reflective pond, lounge, private sundeck and rooftop space designed in collaboration with CetraRuddy, as well as a landscaped terrace by HMWhite.
Last year, The Moinian Group secured nearly $132 million to covert another of its Manhattan buildings from office to residential use.
